U.S. Extractive Industries Transparency Initiative

9/20/2011 – President Barack Obama at the launch of the Open Government Partnership in New York for the United Nations 66th General Assembly, where he announced that the U.S. was committed to implementing the Extractive Industries Transparency Initiative (EITI).

As part of the U.S. National Action Plan for the Open Government Partnership, the U.S. is committing to implementing EITI, which requires governments to publicly disclose their revenues from oil, gas, and mining assets, and for companies to make parallel disclosures regarding payments. By signing onto the global standard that EITI sets, the U.S. Government can help ensure that American taxpayers are receiving every dollar due for the extraction of these valuable public resources.

The National Action Plan states, "The Administration has already made important strides in reforming the management of our natural resources….Signing onto the EITI initiative will further these objectives by creating additional 'sunshine' for the process of collecting revenues from natural resource extraction….and enhancing the accountability and transparency of our revenue collection efforts."